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In our article in the October 2022 issue, we discussed NYC Administrative Code §22-1005 (the Guaranty Law), which, under certain conditions, canceled the obligations of guarantors of commercial leases. This article discusses the recent developments surrounding the constitutionality of the statute. In particular, we address the Southern District’s view that the Guaranty Law is unconstitutional and the splintered view of the statute’s constitutionality expressed by New York State courts.
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Sui Generis: Negotiate Like You Mean It
By Lydia Pilch
As further follow-up regarding tracking of the lifecycle of a commercial lease, Part Two of this series addresses various negotiation events, strategies, desired outcomes and potentially low key disasters.
Don’t Get Caught Holding a Conditional Loan Approval at Closing
By Matthew Kramer
With rising interest rates and more stringent lending standards for both residential and commercial properties, security deposit disputes caused by buyers’ inability to satisfy pre-closing purchase-financing conditions are also increasing.
New York’s Seldom Used Expedited Money Judgment Mechanism: CPLR 3213
By Massimo F. D’Angelo and Gregory Wong
In New York state and local court cases, there is a seldom-used procedural mechanism for obtaining an expedited money judgment against a guarantor. This article provides an overview of CPLR 3213 motions, an update on the resolution of the split that previously existed between the New York State Supreme Court, Appellate Division, First and Second Departments, and practical guidance for transactional counsel drafting commercial leases and guaranties.
Mixed-Use Is Sector Is the Post-Pandemic Choice for Commercial Real Estate Developers
By Jack Rogers
The trinity at the core of traditional mixed-use projects — office, retail and residential — rapidly is evolving to bring a wide variety of project-specific uses to mixed-use development projects.
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